SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules.
As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did not comply with NASDAQ's filing requirements (the "Rule") because it had not filed its Form 10-K for the period ended December 31, 2023 (the "10-K") and Form 10-Q for the period ended March 31, 2024 (the "10-Q", and together with the 10-K, the "Delinquent Reports").
The Company and its current auditor GGF CPA LIMITED ("GGF") have been working diligently to complete the 2023 year-end audit, the 10-K, as well the 10-Qs for both the first and the second quarters of 2024.
Gulf Resources has submitted the materials to NASDAQ, detailing the steps to be taken and the progress being made to regain compliance.
Based on NASDAQ's further review and the materials submitted by the Company, NASDAQ has granted the Company an extension until October 14, 2024 to file the Delinquent Reports, as required by the Rule.
"We regret the delay in filing our 10-K and 10-Q reports," stated Mr. Xiaobin Liu, the CEO of Gulf Resources. "When we dismissed WWC, P.C. Certified Public Accountants, our prior auditor, on April 16, 2024 and engaged GGF, GGF had to start the audit process from scratch."
"We believe the Company and GGF are making excellent progress," Mr. Liu continued. "We expect to be able to file the 10-K as well as the 10-Qs for both the first and the second quarters of 2024 by October 14, 2024, as requested by NASDAQ."
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited ("DCHC") and Shouguang Hengde Salt Industry Co. Ltd. ("SHSI"). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, the risks associated with the COVID-19 pandemic outbreak, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
